Nirmala Sitharaman Archives

08 Aug

Government Withdraws Income-Tax Bill, 2025; Revised Version to be Introduced on August 11

Rajeev Sharma0 CommentsBusiness, IndiaBaijayant Panda, Income-Tax Bill 2025, Lok Sabha, Nirmala Sitharaman

New Delhi, August 8, 2025 — The Central Government on Friday formally withdrew the Income-Tax Bill, 2025 from the Lok Sabha, paving the way for a revised draft that will incorporate extensive recommendations from the Parliamentary Select Committee. The motion for withdrawal, moved by Finance Minister Nirmala Sitharaman, was passed by the House despite uproar from Opposition members.The decision follows a comprehensive review of the Bill by a 31-member Select Committee chaired by BJP MP Baijayant Panda. The panel had presented its findings on July 21, the opening day of the Monsoon session. Over several weeks of deliberations and consultations…

13 Feb

Manish Tewari Slams New Income Tax Bill, Calls It More Complex Than Existing Law

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Bill 2025, Manish Tewari, Nirmala Sitharaman

New Delhi, February 13, 2025: Congress MP Manish Tewari on Thursday criticized the Income Tax Bill, 2025, arguing that despite Union Finance Minister Nirmala Sitharaman’s claims of simplification, the proposed legislation is more complex than the existing tax framework. He pointed out that while the current Income Tax Act, 1961, has 296 sections, the new bill expands to over 500 sections. Additionally, the previous law contained five schedules, whereas the new bill includes 14, further complicating the tax structure instead of streamlining it.The government has defended the bill, emphasizing that it is designed to reduce litigation, simplify language, and improve…

13 Feb

Nirmala Sitharaman to Introduce Income Tax Bill, 2025, in Parliament on February 13

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Act 1961, Income Tax Bill 2025, Indian tax reforms, Nirmala Sitharaman

New Delhi, February 13, 2025: Union Finance Minister Nirmala Sitharaman will introduce the much-anticipated Income Tax Bill, 2025, in Parliament on February 13. The proposed legislation seeks to replace the outdated Income Tax Act, 1961, which has grown increasingly complex over the decades due to numerous amendments. If passed, the new law will come into effect from April 1, 2026, ushering in a streamlined and modernized tax system. The bill will be referred to the Parliamentary Standing Committee on Finance for further discussion and consultations.The need for a new income tax law stems from the fact that the current Income…

09 Feb

New Income Tax Bill to Be Introduced in Parliament on Tuesday: FM Nirmala Sitharaman

nishuthapar10 CommentsBusiness, IndiaIncome Tax reforms, Indian Parliament, New Income Tax Bill 2025, Nirmala Sitharaman, tax simplification

NEW DELHI, February 9, 2025: Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill in the Lok Sabha on Tuesday, marking a significant step towards overhauling India's tax framework. The bill, which aims to simplify and streamline existing tax laws, is expected to be referred to a parliamentary standing committee for detailed examination. “I hope to have it introduced in Lok Sabha in the coming week,” said Sitharaman after the RBI board meeting. Once introduced, the bill will undergo a multi-step legislative process, starting with its referral to the standing committee for recommendations. Following the committee’s…